President Donald Trump and Federal Reserve Chair Jerome Powell found themselves in a rare public confrontation on Thursday during a tour of the Federal Reserve’s ongoing headquarters renovation in Washington, D.C.
The disagreement arose when President Trump referenced the renovation cost, claiming it exceeded $3 billion—substantially more than the officially reported $2.5 billion in expected expenses. Powell, appearing visibly surprised, quickly responded, “I’m not aware of that.”
Clarifying the discrepancy, Powell explained that Trump’s figure appeared to include the cost of a third building—one that had been refurbished and reopened in 2021, separate from the current project. “You just added in a third building is what that is,” Powell said. “It was built five years ago.”
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The exchange underscored the complex and, at times, uneasy relationship between Trump and the central bank he has frequently criticized. While the tour was intended to highlight the progress of the Federal Reserve’s modernization efforts, the moment instead reignited familiar themes of political scrutiny and conflicting narratives over federal expenditures.
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